FAQs
On July 22, 2008, SemCrude, L.P. and certain of its affiliates (collectively, the "Debtors") filed voluntary petitions (the "SemCrude Cases") for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (as amended, the "Bankruptcy Code"). On October 22, 2008, SemCap, L.L.C. filed a voluntary petition for relief under the Bankruptcy Code.
The questions and answers that follow provide general information concerning the SemCrude Cases, the Official Committee of Unsecured Creditors (the "Committee") SemCrude, L.P. et al., and various topics related to the SemCrude Cases and the Committee.
What is the Committee?
Pursuant to the Bankruptcy Code, the United States Trustee (the "UST") is authorized to appoint a committee of creditors holding unsecured claims as soon as practicable after the filing of a case. Generally, a creditors committee is a group (typically seven) of general unsecured creditors appointed to represent, in a fiduciary capacity, the interests of all general unsecured creditors. In such role, creditors committees act to protect and promote the interests of general unsecured creditors by, among other things, monitoring a debtor's business operations, investigating its business and financial affairs, and negotiating the terms of a plan of reorganization. The overarching goal of a creditors committee is to maximize value for general unsecured creditors.
In accordance with this authority, on August 5, 2008, the UST appointed the Committee.
What is the Committee's role in the SemCrude Cases?
Pursuant to the Bankruptcy Code, the Committee may: (1) consult with the trustee or debtor in possession concerning the administration of the cases; (2) investigate the acts, conduct, assets, liabilities, and financial condition of the debtor, the operation or the debtor's business and the desirability of the continuance of such business, and any other matter relevant to the case or to the formulation of a plan; (3) participate in the formulation of a plan, advise those represented by such committee of such committee's determinations as to any plan formulated, and collect and file with the court acceptances or rejections of a plan; (4) request the appointment of a trustee of examiner under section 1104 of the Bankruptcy Code; and (5) perform such other services as are in the interest of those represented.
Who are the members of the Committee?
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Who represents the Committee?
The Committee retained Quinn Emanuel Urquhart Oliver & Hedges LLP and Blank Rome LLP to act as its counsel.
Which SemCrude entities are in bankruptcy?
Click here to view a list of the Debtors and case numbers.
Who is the United States Trustee?
The United States Trustee for the SemCrude Cases is Roberta A. DeAngelis.
The Trial Attorney assigned to the SemCrude Cases is William K. Harrington.
What role does the United States Trustee Play?
The United States Trustee Program is a component of the Department of Justice responsible for overseeing the administration of bankruptcy cases. For further details on the United States Trustee's role, please visit the web page for the UST at www.usdoj.gov/ust/r03/index.htm.
Does the Committee represent individual creditors?
No. The Committee represents the interests of all unsecured creditors through oversight of and negotiations with the Debtors. Neither the Committee nor its counsel represent individual creditors that may have claims in the SemCrude Cases.
Do I need to file a proof of claim?
If you believe that you or an entity you represent has a claim arising prior to July 22, 2008 against one or more of the Debtors, you may wish to file a proof of claim to protect your rights. You should consult your own counsel in deciding to file a claim in the SemCrude Cases. For additional information regarding proofs of claim, please refer to www.kccllc.net/SemGroup.
Have the Debtors filed any chapter 11 plan(s) or disclosure statement(s)?
On September 28, 2009, an order was entered approving the Disclosure Statement for the Debtors' Fourth Amended Chapter 11 Plan and scheduling a hearing on confirmation of the Chapter 11 Plan for October 26, 2009 at 10:00 a.m. (prevailing Eastern Time). On October 28, 2009, an order was entered confirming the Debtors’ Fourth Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the Bankruptcy Code. The Debtors' Fourth Amended Chapter 11 Plan, dated October 27, 2009, all Plan Supplements, the Disclosure Statement, the Order Approving the Disclosure Statement, the Order Confirming the Debtors' Fourth Amended Joint Plan, and all prior plans and disclosure statements can be viewed by clicking on the Plan of Reorganization and Disclosure Statement link on the left side of the page.
How long will the SemCrude bankruptcy cases take?
There is no specific time estimate for the SemCrude Cases. Large bankruptcy cases, such as these, can take several months (and in some cases years) to complete.
Who is the judge presiding over the SemCrude Cases?
The SemCrude Cases are assigned to the Honorable Brendan Linehan Shannon, United States Bankruptcy Judge for the District of Delaware.
For additional frequently asked questions regarding the Debtors, please visit the SemCrude website at www.semgrouplp.com.